It is unfortunate that the Nigerian
Government is going to release its economic plan in February, that is what it
says. That would be 20 months after the administration assumed office.
Right now,
it's fiscal and monetary policy makers are working at cross purposes and
pointing fingers at each other. No rational investor will put money into such a
disorganized economic environment except for 'emotional reasons'. The
folks we are looking to borrow from are not known for emotionalism. Who is
going to lend you money when you have five different foreign exchange rates
within one economy?
When experts in money
lending refuse to lend money to Nigeria, its reason for taking such an action
is neither emotional nor a lacking in patriotism. The reason is because Nigeria
has not managed its wealth reasonably, not even excellently.
The lenders don't want to
lend money that will be used to purchase exotic cars for members of National
Assembly and Ministers; they don't want to lend money that would be stolen and
used to purchase properties in Dubai, South Africa, Europe, North America, etc.
These lenders are smart enough to know that money lent to Nigeria by it, if
squandered as Nigeria is wont to doing, would result in it not getting paid
back.
Another reason is that
these lenders are smart enough to know that if Nigeria cuts its coat according
to its size (like doing away with all but two presidential jets, reducing the
budget of the NA by 50%; stopping the payment of former governors' outrageously
high retirement packages, in addition to most of them collecting huge salaries
and estacodes from their present positions, among others will go a long way in
eliminating the need to borrow or to mismanage borrowed money. That's why
they refused to lend money to Nigeria.
In our personal lives, I
will suppose that you don't lend money to crack heads or to folks who hold
owambe parties without taking care of their bills and family. I also suppose
that you do not purchase items from dope heads who are looking for easy money
to hand over to the next dope dealer.
The international community
know that Saraki, his colleagues in both arms of the national assembly, Governors,
Ministers, and most political appointees in the land, can bail out Nigeria by
floating a bond scheme and purchasing it or by returning a mere 5% of all
the wealth they hold abroad to Nigeria?
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